Public Service Enterprise Group Incorporated (NYSE:PEG) Shares Sold by Zurich Insurance Group Ltd FI

Zurich Insurance Group Ltd FI decreased its position in shares of Public Service Enterprise Group Incorporated (NYSE:PEG - Free Report) by 75.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 247,947 shares of the utilities provider's stock after selling 744,672 shares during the quarter. Zurich Insurance Group Ltd FI's holdings in Public Service Enterprise Group were worth $20,949,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Vanguard Group Inc. lifted its holdings in Public Service Enterprise Group by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 60,775,030 shares of the utilities provider's stock worth $5,134,882,000 after purchasing an additional 492,517 shares during the period. Geode Capital Management LLC lifted its holdings in Public Service Enterprise Group by 3.1% in the fourth quarter. Geode Capital Management LLC now owns 12,195,300 shares of the utilities provider's stock worth $1,027,725,000 after purchasing an additional 365,666 shares during the period. Invesco Ltd. lifted its holdings in Public Service Enterprise Group by 10.2% in the fourth quarter. Invesco Ltd. now owns 6,525,305 shares of the utilities provider's stock worth $551,323,000 after purchasing an additional 604,978 shares during the period. Northern Trust Corp lifted its holdings in Public Service Enterprise Group by 6.1% in the fourth quarter. Northern Trust Corp now owns 5,807,124 shares of the utilities provider's stock worth $490,644,000 after purchasing an additional 335,135 shares during the period. Finally, Norges Bank acquired a new stake in Public Service Enterprise Group in the fourth quarter worth about $445,005,000. Institutional investors and hedge funds own 73.34% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts have commented on PEG shares. LADENBURG THALM/SH SH cut shares of Public Service Enterprise Group from a "buy" rating to a "neutral" rating and set a $82.50 price target on the stock. in a research report on Wednesday, March 19th. Guggenheim dropped their price target on shares of Public Service Enterprise Group from $98.00 to $94.00 and set a "buy" rating on the stock in a research report on Thursday, May 1st. BMO Capital Markets dropped their price target on shares of Public Service Enterprise Group from $86.00 to $83.00 and set a "market perform" rating on the stock in a research report on Thursday, April 10th. Evercore ISI dropped their price target on shares of Public Service Enterprise Group from $99.00 to $92.00 and set an "outperform" rating on the stock in a research report on Thursday, May 1st. Finally, StockNews.com cut shares of Public Service Enterprise Group from a "hold" rating to a "sell" rating in a research report on Thursday, May 1st. One investment analyst has rated the stock with a sell rating, six have given a hold rating and seven have assigned a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and a consensus target price of $88.81.

Insider Activity

In other news, CEO Ralph A. Larossa sold 1,378 shares of the company's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $79.26, for a total value of $109,220.28. Following the transaction, the chief executive officer now owns 221,093 shares in the company, valued at $17,523,831.18. This represents a 0.62% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.19% of the stock is owned by corporate insiders.

Public Service Enterprise Group Price Performance

NYSE PEG opened at $79.36 on Wednesday. The stock's 50-day moving average price is $80.87 and its two-hundred day moving average price is $83.99. The company has a current ratio of 0.68, a quick ratio of 0.48 and a debt-to-equity ratio of 1.18. The company has a market cap of $39.60 billion, a PE ratio of 19.50, a PEG ratio of 2.78 and a beta of 0.48. Public Service Enterprise Group Incorporated has a 1 year low of $71.89 and a 1 year high of $95.22.

Public Service Enterprise Group (NYSE:PEG - Get Free Report) last posted its quarterly earnings data on Wednesday, April 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.43. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.15 billion. Public Service Enterprise Group had a return on equity of 10.70% and a net margin of 19.48%. The business's revenue for the quarter was up 16.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.31 EPS. On average, analysts predict that Public Service Enterprise Group Incorporated will post 3.67 EPS for the current year.

Public Service Enterprise Group Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Monday, June 9th will be issued a dividend of $0.63 per share. The ex-dividend date is Monday, June 9th. This represents a $2.52 annualized dividend and a yield of 3.18%. Public Service Enterprise Group's payout ratio is presently 68.85%.

Public Service Enterprise Group Company Profile

Public Service Enterprise Group Incorporated, through its subsidiaries, operates in electric and gas utility business in the United States. It operates through PSE&G and PSEG Power segments. The PSE&G segment transmits electricity; distributes electricity and natural gas to residential, commercial, and industrial customers; and appliance services and repairs to customers through its service territory, as well as invests in solar generation projects, and energy efficiency and related programs.

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